medical devices by cover page

Medical Device Market by Types of Device (Wound Care Devices, Surgical Equipment, Cardiovascular Devices, Orthopedic Devices, ENT Devices, Anesthesia & Respiratory Devices, Dental Equipment, Ophthalmic Devices, Diagnostic Equipment, Hospital Supplies, In-Vitro Diagnostics, Patient Diabetes Care Devices, Nephrology & Urology Devices, Neurology Devices, and Monitoring Devices), End-users (Hospitals & Ambulatory Surgical Centers, Clinics, Diagnostic Centers, Pharmaceutical companies, Research laboratory, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

  • Report ID: HC-4049
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 170
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global medical device market size was valued at USD 525.46 billion in 2021 and is expected to surpass USD 870.57 billion by 2030, expanding at a CAGR of 5.3% during the forecast period, 2022–2030. The growth of the market is attributed to the wide prevalence of chronic illness, increasing spending on healthcare products and treatment, and rising number of patients preferring surgical and diagnostic procedures.
 


medical devices by summary

A medical device can be described as an apparatus, instrument, and material that is primarily designed for providing an affordable, quality-based, and appropriate healthcare system and promoting a healthier global population. These devices include a range of products from small items such as bandages to complex medical programmable software used in vitro diagnostic (IVD) products or diagnosing HIV/AIDS. As per the World Health Organization’s (WHO) estimation, as many as 2 million different types of medical devices are presently available on the global market, which is broadly classified into more than 7000 generic device groups. X-ray machines, PET & CT scanners, and MRI & ultrasound machines are the most commonly used medical devices as these devices are widely adopted for the treatment of a large number of chronic and acute diseases as well. According to a report by the American Hospital Association (AHA), more than 36.3 million patients were admitted to US hospitals in 2021 and many of these patients have undergone surgical and diagnostic procedures. One key aspect of the rapid growth of the market is the easy approval process of medical devices. As per the data published by the US Food and Drug Administration (FDA), around 27 new medical devices were approved in 2017 and the number has jumped to nearly 54 and 59 in 2018 and 2019-2020 respectively. In general, the medical device is broadly divided into three classes: Class I devices, which include bandages and handheld surgical items, are meant for the diagnosis or treatment of low-risk diseases; Class II devices are meant for intermediate-risk diseases, and Class III devices are used for high-risk devices, which require life support systems.

The COVID-19 pandemic outbreak had a mixed impact on the market as the demand for chronic illnesses such as cancer and cardiovascular disease treatment had substantially declined due to fewer hospital visits from patients while the demand for some blood testing and diagnostic devices increased rapidly. During the pandemic, those medical devices associated with the diagnosis and treatment of coronavirus such as life-supporting ventilators and masks as medical clothes had been spiked in demand. As per several reports published in 2021, the COVID-19 tests market was valued at over USD 2.5 billion in the first quarter of 2020. The FDA regulated that face masks such as surgical masks and clothes used for face coverings are included in the category of medical devices if used for medical purposes.

Market Trends, Drivers, Restraints, and Opportunities

  • Wide occurrence of road accidents and traumatic events that increase the need for wound care treatment process and surgeries are projected to propel the market during the forecast period.
  • Rising number of hospital admission of patients for surgical treatment and increasing awareness of the benefits of early diagnosis of disease present key factors boosting the market.
  • Increasing governments’ spending on the healthcare infrastructure development and growing number of hospitals & clinics having advanced disease treatment devices, especially in developing countries are expected to fuel the market in the coming years.
  • Introduction of advanced IVD, home healthcare settings, wearable devices, and monitoring devices for patients are likely to drive the market in the near future.
  • High cost of medical devices, regulatory changes, and complexity in the reimbursement policies for disease treatment act as major restraining factors. These factors are anticipated to hamper market growth during the targeted period.
  • Ongoing massive R&D programs and technological advancements that facilitate the latest development of innovative surgical intervention and access to remote clinics are offering lucrative opportunities for market expansion.

Scope of the Report

The report on the global medical device market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Medical Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2021

Historic Data

2019–2020

Forecast Period

2022–2030

Segmentation

Types of Device (Wound Care Devices, Surgical Equipment, Cardiovascular Devices, Orthopedic Devices, ENT Devices, Anesthesia & Respiratory Devices, Dental Equipment, Ophthalmic Devices, Diagnostic Equipment, Hospital Supplies, In-Vitro Diagnostics, Patient Diabetes Care Devices, Nephrology & Urology Devices, Neurology Devices, and Monitoring Devices) and End-users (Hospitals & Ambulatory Surgical Centers, Clinics, Diagnostic Centers, Pharmaceutical companies, Research laboratory, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

GE Healthcare; F. Hoffmann-La Roche Ltd; Abbott Laboratories Inc.; Philips Healthcare; Johnson & Johnson Services, Inc.; Medtronic PLC; Siemens Healthineers; Stryker Corporation; Smith & Nephew PLC; Cardinal Health; Baxter International Inc.; Becton, Dickinson and Company; and Boston Scientific Corporation

 

Market Segment Insights

Wide adoption for the treatment of chronic illness drives the in-vitro segment

Based on types of device, the global medical device market is divided into wound care devices, surgical equipment, cardiovascular devices, orthopedic devices, ENT Devices, anesthesia & respiratory devices, dental equipment, ophthalmic devices, diagnostic equipment, hospital supplies, in-vitro diagnostics, patient diabetes care devices, nephrology & urology devices, neurology devices, and monitoring devices. The in-vitro segment accounted for a large market share in 2021, representing a share of 15.6% of the total revenue of the market and is expected to expand at a rapid pace during the forecast period. The segment growth is attributed to the wide use of the IVD for the treatment of chronic diseases such as diabetes and cancer as well as for the diagnosis of diseases such as malaria and HIV/AIDS. Moreover, the availability of a broad range of IVD for testing patients in the primary healthcare setting in low- and middle-income countries presents another key driver of the segment. IVDs are types of diagnostic tests conducted on blood samples and tissues using test tubes and similar apparatus to detect disease and other conditions.
 


medical devices by types of device

Rising patients admission to hospitals fuels the hospitals & ambulatory surgical centers segment

On the basis of end-users, the market is segregated into hospitals & ambulatory surgical centers, clinics, diagnostic centers, pharmaceutical companies, research laboratories, and others. The hospitals & ambulatory surgical centers segment held a major share of the market in 2021 and is projected to register a CAGR of 10.5% of the market during the forecast period. The segment growth is attributed to rising governments’ healthcare budgets for the development of high-class medical equipment in hospitals. Rising number of patients admitted to hospitals for diagnosis and treatment of diseases as well as the development of new multispecialty hospitals especially in developing countries further boost the segment.

Well-establishment of healthcare infrastructure drives the North America market

In terms of regions, the global medical device market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America constituted a large market share in 2021 and is expected to dominate the market during the projected period owing to the presence of a large number of patients suffering from chronic illness, rising spending on healthcare problems, and availability of well-established healthcare facilities. Early acceptance of advanced technology for medical devices and the presence of key global players in the region further drive the regional market. On the other hand, Asia Pacific has emerged as a fast-growing market and the market of this region is anticipated to expand at a rapid pace during the forecast period owing to rising awareness regarding the benefits of early disease diagnosis and rapid development of new multispecialty hospitals and clinics mostly in emerging economies such as China and India.
 


medical devices by regions
 

Segments

Segments Covered in the Report
The global medical device market has been segmented on the basis of
Types of Device
  • Wound Care Devices
  • Surgical Equipment
  • Cardiovascular Devices
  • Orthopedic Devices
  • ENT Devices
  • Anesthesia & Respiratory Devices
  • Dental Equipment
  • Ophthalmic Devices
  • Diagnostic Equipment
  • Hospital Supplies
  • In-Vitro Diagnostics
  • Patient Diabetes Care Devices
  • Nephrology & Urology Devices
  • Neurology Devices
  • Monitoring Devices
End-users
  • Hospitals & Ambulatory Surgical Centers
  • Clinics
  • Diagnostic Centers
  • Pharmaceutical companies
  • Research laboratory
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • GE Healthcare
  • F. Hoffmann-La Roche Ltd
  • Abbott Laboratories Inc.
  • Philips Healthcare
  • Johnson & Johnson Services, Inc.  
  • Medtronic PLC
  • Siemens Healthineers
  • Stryker Corporation
  • Smith & Nephew PLC
  • Cardinal Health
  • Baxter International Inc.
  • Becton, Dickinson and Company
  • Boston Scientific Corporation

Competitive Landscape

Key players competing in the global medical device market are GE Healthcare; F. Hoffmann-La Roche Ltd; Abbott Laboratories Inc.; Philips Healthcare; Johnson & Johnson Services, Inc.; Medtronic PLC; Siemens Healthineers; Stryker Corporation; Smith & Nephew PLC; Cardinal Health; Baxter International Inc.; Becton, Dickinson and Company; and Boston Scientific Corporation. Some of these key players have invested a large sum of money in R&D programs to enhance the performance of their devices and provide effective diagnostic results.

As per reports, a US-based leading healthcare company, Johnson & Johnson Services, Inc. had invested nearly USD 12.75 billion in R&D activities in 2020, and a US-Irish-based medical device manufacturer, Medtronic PLC also made an R&D investment worth USD 2.33 billion in the same year. The latter company accounted for a large market share in 2021 owing to its wide development of diverse product portfolio and constant upgrade of its existing products. The company also has a wide network of product distributors globally.
 

medical devices by key players
 

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Medical Devices Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Medical Devices Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Medical Devices Market - Supply Chain
  4.5. Global Medical Devices Market Forecast
     4.5.1. Medical Devices Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Medical Devices Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Medical Devices Market Absolute $ Opportunity
5. Global Medical Devices Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Medical Devices Market Size and Volume Forecast by End Users
     5.3.1. Hospitals & Ambulatory Surgical Centers
     5.3.2. Clinics
     5.3.3. Diagnostic Centers
     5.3.4. Pharmaceutical companies
     5.3.5. Research laboratory
     5.3.6. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Medical Devices Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Medical Devices Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Medical Devices Demand Share Forecast, 2019-2026
7. North America Medical Devices Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Medical Devices Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Medical Devices Market Size and Volume Forecast by End Users
     7.4.1. Hospitals & Ambulatory Surgical Centers
     7.4.2. Clinics
     7.4.3. Diagnostic Centers
     7.4.4. Pharmaceutical companies
     7.4.5. Research laboratory
     7.4.6. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Medical Devices Demand Share Forecast, 2019-2026
8. Latin America Medical Devices Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Medical Devices Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Medical Devices Market Size and Volume Forecast by End Users
     8.4.1. Hospitals & Ambulatory Surgical Centers
     8.4.2. Clinics
     8.4.3. Diagnostic Centers
     8.4.4. Pharmaceutical companies
     8.4.5. Research laboratory
     8.4.6. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Medical Devices Demand Share Forecast, 2019-2026
9. Europe Medical Devices Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Medical Devices Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Medical Devices Market Size and Volume Forecast by End Users
     9.4.1. Hospitals & Ambulatory Surgical Centers
     9.4.2. Clinics
     9.4.3. Diagnostic Centers
     9.4.4. Pharmaceutical companies
     9.4.5. Research laboratory
     9.4.6. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Medical Devices Demand Share Forecast, 2019-2026
10. Asia Pacific Medical Devices Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Medical Devices Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Medical Devices Market Size and Volume Forecast by End Users
     10.4.1. Hospitals & Ambulatory Surgical Centers
     10.4.2. Clinics
     10.4.3. Diagnostic Centers
     10.4.4. Pharmaceutical companies
     10.4.5. Research laboratory
     10.4.6. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Medical Devices Demand Share Forecast, 2019-2026
11. Middle East & Africa Medical Devices Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Medical Devices Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Medical Devices Market Size and Volume Forecast by End Users
     11.4.1. Hospitals & Ambulatory Surgical Centers
     11.4.2. Clinics
     11.4.3. Diagnostic Centers
     11.4.4. Pharmaceutical companies
     11.4.5. Research laboratory
     11.4.6. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Medical Devices Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Medical Devices Market: Market Share Analysis
  12.2. Medical Devices Distributors and Customers
  12.3. Medical Devices Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. GE Healthcare
     12.4.2. F. Hoffmann-La Roche Ltd
     12.4.3. Abbott Laboratories Inc.
     12.4.4. Philips Healthcare
     12.4.5. Johnson & Johnson Services, Inc.  
     12.4.6. Medtronic PLC
     12.4.7. Siemens Healthineers
Segments Covered in the Report
The global medical device market has been segmented on the basis of
Types of Device
  • Wound Care Devices
  • Surgical Equipment
  • Cardiovascular Devices
  • Orthopedic Devices
  • ENT Devices
  • Anesthesia & Respiratory Devices
  • Dental Equipment
  • Ophthalmic Devices
  • Diagnostic Equipment
  • Hospital Supplies
  • In-Vitro Diagnostics
  • Patient Diabetes Care Devices
  • Nephrology & Urology Devices
  • Neurology Devices
  • Monitoring Devices
End-users
  • Hospitals & Ambulatory Surgical Centers
  • Clinics
  • Diagnostic Centers
  • Pharmaceutical companies
  • Research laboratory
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • GE Healthcare
  • F. Hoffmann-La Roche Ltd
  • Abbott Laboratories Inc.
  • Philips Healthcare
  • Johnson & Johnson Services, Inc.  
  • Medtronic PLC
  • Siemens Healthineers
  • Stryker Corporation
  • Smith & Nephew PLC
  • Cardinal Health
  • Baxter International Inc.
  • Becton, Dickinson and Company
  • Boston Scientific Corporation

Key players competing in the global medical device market are GE Healthcare; F. Hoffmann-La Roche Ltd; Abbott Laboratories Inc.; Philips Healthcare; Johnson & Johnson Services, Inc.; Medtronic PLC; Siemens Healthineers; Stryker Corporation; Smith & Nephew PLC; Cardinal Health; Baxter International Inc.; Becton, Dickinson and Company; and Boston Scientific Corporation. Some of these key players have invested a large sum of money in R&D programs to enhance the performance of their devices and provide effective diagnostic results.

As per reports, a US-based leading healthcare company, Johnson & Johnson Services, Inc. had invested nearly USD 12.75 billion in R&D activities in 2020, and a US-Irish-based medical device manufacturer, Medtronic PLC also made an R&D investment worth USD 2.33 billion in the same year. The latter company accounted for a large market share in 2021 owing to its wide development of diverse product portfolio and constant upgrade of its existing products. The company also has a wide network of product distributors globally.
 

medical devices by key players
 

Buy Report

FAQ Section

Some frequently asked quetions about this report!

The global medical device market size was valued at USD 525.46 billion in 2021 and is expected to surpass USD 870.57 billion by 2030.

Key factor boosting the market include wide prevalence of chronic illness, increasing spending on healthcare products and treatment, and rising number of patients preferring for surgical and diagnostic procedures.

The global medical device market is expanding at a CAGR of 5.3% during the forecast period, 2022–2030.

The in-vitro segment accounted for a large market share in 2021, representing a share of 15.6% of the total revenue of the market.

The key players in the market are GE Healthcare; F. Hoffmann-La Roche Ltd; Abbott Laboratories Inc.; Philips Healthcare; Johnson & Johnson Services, Inc.; Medtronic PLC; Siemens Healthineers; Stryker Corporation; Smith & Nephew PLC; Cardinal Health; Baxter International Inc.; Becton, Dickinson and Company; and Boston Scientific Corporation.